Crypto:
30351
Bitcoin:
$64.062
% 0.27
BTC Dominance:
%54.1
% 0.13
Market Cap:
$2.34 T
% 0.00
Fear & Greed:
53 / 100
Bitcoin:
$ 64.062
BTC Dominance:
% 54.1
Market Cap:
$2.34 T

Binance Breaks a Record on March

Binance Guides

In March, Binance experienced a surge in spot trading volumes, reaching a yearly high of $1.12 trillion, driven by the upward momentum of Bitcoin and Ethereum. This marks the highest level since May 2021 and reflects seven consecutive months of growth, according to a report from CCData.

The report indicates a 121% increase in Binance’s spot trading volume, accompanied by a 1.04% rise in its combined market share, reaching 44.1% in March.

Notably, Binance has shown resilience following its settlement with the United States Department of Justice and the payment of a $4.3 billion fine. Derivatives trading volumes on the platform surged by 89.7% to $2.91 trillion, also reaching their highest levels since May 2021.

CCData analysts observed Binance’s significant gains in spot markets, with a 2.3% increase in market dominance compared to February. Year-to-date, Binance now accounts for 38.0% of spot trading volumes on centralized exchanges (CEXs).

Despite regulatory challenges, Binance reported a substantial increase in user numbers in 2023, attributing the growth to its core services. This growth trajectory aligns with analytics firm Kaiko’s earlier report of a 50% increase in Binance’s market share within two months post-settlement with the U.S. DOJ.

The overall spot and derivatives trading volume on CEXs surged to a new all-time high of $9.12 trillion in March, a 92.9% increase. This trend coincided with Bitcoin reaching new all-time highs, prompting traders to flock to the markets.

Crypto derivatives CEXs also experienced a significant uptick, with trading volume rising by 86.5% to $6.18 trillion, triple the total market capitalization of all cryptocurrencies.

The surge in trading activity aligns with growing excitement surrounding spot Bitcoin ETFs’ success and the anticipated BTC supply halving in April.

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Despite recent setbacks, centralized exchanges like Binance continue to enjoy trust from the public, as evidenced by the sustained trading volumes and market participation.


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